NY Post: Mattress Firm in talks to buy Sleep Train
Larry Thomas -- Furniture Today, January 15, 2014
HOUSTON — Mattress Firm, the nation's largest chain of sleep shops, is in talks to acquire fellow Top 100 retailer Sleep Train, according to a story in today's New York Post.
The Post story said the deal, which would combine two of the four largest bedding specialty chains, would be an all-stock transaction worth about $200 million.
Publicly traded Mattress Firm has more than 1,200 company-owned and franchised locations. The company had sales of $904.7 million for the nine months ended Oct. 29 and is projecting revenues of more than $1.2 billion for the fiscal year that ends Jan. 28.
Mattress Firm, which was ranked No. 6 on Furniture/Today's most recent Top 100 list, has been expanding rapidly the past two years through acquisitions and new store openings.
Privately held Sleep Train, No. 19 on the most recent Top 100 rankings, is the largest mattress retailer in the western U.S. with more than 280 stores in California, Oregon, Washington, Nevada and Idaho. It operates stores under the Sleep Train, Mattress Discounters and Sleep Country USA names.
Sleep Train, which is based in Citrus Heights, Calif., had estimated sales of $448.1 million in 2012, the latest year for which Furniture/Today estimates are available.
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